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    Top economics colleges in Canada: Ranking, Courses, Fees, Scholarships and Jobs

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    Anam Shams

    Content Curator | Updated on - Nov 22, 2021

    Economics is the field of study which deals with the production, consumption and marketing strategy of the goods and services. Economics Colleges in Canada provides a huge spectrum of degree courses. With around 642,480 international students getting admitted in different courses in Canada during the year 2019, below mentioned are a few points which show why studying in Canada is a good option.

    • Top 5 universities in Canada providing economics courses are among the top 150 colleges in the world according to QS World Ranking, 2020.
    • As per Job Bank Canada, the Economics profession has expected vacancies of around 20,000 between 2019- 2026.
    • According to Job Bank Canada, the average salary of an Economist in Canada is around 70,000 CAD/year.
    • The overall economic sector looks promising because of the investment of around 0.8 billion made by the Canadian Government towards Strategic Economics Innovation.

    Top Economics Colleges in Canada

    There are around 346 courses available in 65 Economics colleges in Canada, which offers around all levels of degree courses from bachelor’s degree to that of doctoral degrees. Some of the top colleges providing the best economics programs in Canada are mentioned below:

    University QS Rankings 2020 (Economics) Programs
    University of British Columbia #22 B.A. Economics
    B.Sc. Economics
    B.Sc. Economics and Mathematics
    Bachelor of International Economics
    Master of Arts (MA) in Economics
    University of Toronto #24 B.A. Economics
    B.Sc. in Financial Economics
    B.A. in Economics and Management Studies
    BBA in Economics and Management Studies
    M.A in Economics
    Master of Financial Economics
    Master of Finance
    PPh.D.in Economics
    McGill University #51-100 B.A. Economics
    B.Com Economics
    B.Sc. Economics
    B.Sc. in Environmental Economics
    B.Com Economics and Finance
    B.A. in Economics and Accounting
    B.Sc. Agricultural Economics
    M.A. Economics
    M.Sc. in Agricultural Economics
    Ph.D. Economics
    Queen’s University, Kingston #101-150 B.A. Economics
    M.A Economics
    MSc. in Business Economics
    Master of Finance
    PhD. in Economics
    PhD. in Business Economics
    University of Montreal #101-150 B.Sc. in Economics
    M.Sc. in Economics
    M.Sc. Management in Applied Economics
    PPh.D.in Economics
    Ph.D. in Applied Economics

    Economics Colleges in Canada: Degree Courses and Specializations

    Economics has a wide spectrum of courses and degree specializations. It is a broad subject that caters to different parameters such as production, distribution and consumption of goods and services. While searching for study abroad options, one must look for the course specializations of a particular subject.

    Below mentioned are the course specializations that an individual can consider while applying at the top economics colleges in Canada.

    Specializations
    International Economics Financial Economics
    Economics for Management Studies Analysis and Economical Policy
    Agricultural Economics Business Economics
    Applied Economics Population Dynamics

    After knowing the course specializations, it is quite important to gather knowledge about the degree specializations available for the economics courses in Canada.

     Following are the degree specializations available at the economics colleges in Canada:

    • Bachelor’s Degree: B.A, B.Sc, BBA, B.Com
    • Master’s Degree: M.A, M.Sc, M.Com
    • Doctorate Degree: Ph.D

    Top Economics Colleges in Canada: Undergraduate Courses

    Undergraduate courses in Economics in Canada are 3-4 years of professional courses, which deal with the study of production and consumption of goods and services. 

    While looking for different colleges and courses, it is important to know their fee details and duration of the respective courses, this section gives the details of the above-mentioned points.

    Program University Total Program Cost(in CAD) Duration (in Years)
    B.A. Economics University of British Columbia 164,800 4
    University of Toronto 233,000 4
    McGill University 61,800 3
    Queen’s University, Kingston 103,700 4
    University of Winnipeg 52,700 3
    University of Guelph 96,500 4
    B.Sc. in Economics University of British Columbia 155,900 4
    University of Montreal 60,000 3
    BBA in Economics for Management Studies University of Toronto 163,000 4
    Thompson River University 60,000 3
    B.Sc. in Financial Economics University of Toronto 232,800 4
    University of Ottawa 120,900 4
    B.Sc. in Agricultural Economics McGill University 136,600 3
    University of Saskatchewan 73,100 4
    B.Com in Economics and Finance McGill University 157,500 3

    Economics Colleges in Canada: Eligibility Criteria for Bachelors

    To avail an undergraduate course in Economics in Canada, international students should meet certain necessities. These affirmation necessities are essential to take admission to the world-class schools, as referenced previously.

    • Students need to have a high school diploma or an equivalent 12 years of education certificate with mathematics as a mandatory subject, with aggregate marks of 65-70%.
    • Proof of English proficiency. Average cut off of ELPs:

    Documents Required

    Economics Colleges in Canada: Fees and Funding for Bachelors

    The average cost of studying an undergraduate degree ranges from 52,700CAD to 232,000 CAD for the total program. Cost of living in Canada adds up to an amount of around 20,000 to 30,000 CAD per year which is quite a handsome figure to manage for an international student. 

    Thus, different bachelor’s scholarships for international students are available which helps them to sustain their stay in Canada. 

    Top Economics Colleges in Canada: Postgraduate Courses

    Masters in Economics in Canada are 1-2 years courses, which includes degree specializations like Master of Science, Master of Arts and Master of Finance. 

    Most international students prefer postgraduate courses in Canada. Master’s courses give a detailed study of the subject and also inculcates the real market scenario to the students.

    Below mentioned are few of the popular masters programs at top economics colleges in Canada.

    Program University Total Program Cost(in CAD) Duration (in years)
    M.A. in Economics University of Toronto 51,000 2
    McGill University 41,800 2
    Queen’s University, Kingston 31,000 2
    University of Ottawa 15,500 1
    York University 15,300 1
    MSc. in Business Economics Queen’s University Kingston 14,000 1
    Brock University 23,500 1
    MSc. in Agricultural Economics McGill University 41,800 2
    University of Saskatchewan 15,000 2
    Master of Financial Economics University of Toronto 112,500 2
    Queen’s University Kingston 71,000 2
    MSc. in Management- Applied Economics University of Montreal 56,400 2
    University of Regina 15,000 2

    Economics Colleges in Canada: Eligibility Criteria for Masters

    With 88% of the graduates getting jobs within 3-6 months of their completion of the degree, a master's in Economics provides an average salary of 85,700 CAD/annum, which is about 35% more than that of an employee having an undergraduate degree, as per Job Bank Canada.

    Now, let us look for the eligibility criteria for applying for masters in Economics in Canada:

    • Students must have an equivalent bachelor’s degree in the relevant field with a minimum of 3.0 -3.2 GPA in a scale of 4.0 GPA.
    • Must have good scores in English Language Proficiency. Average Cut off for ELPs:
      • IELTS:6-6.5
      • TOEFL: 80-90
    • GRE scores are mandatory.
    • Prior work experience in a related field is an added advantage

    Documents Required

    • Academic Transcripts
    • Proof of standardized test scores 
    • Curriculum Vitae reflecting academics and co-curricular achievements.
    • Letter of Recommendation
    • Statement of Purpose for MS in Canada
    • Valid proof of prior experience in the field of economics.

    Economics Colleges in Canada: Fees and Funding for Masters

    The course fees to avail postgraduate economics degree in Canada cost around 15,000 CAD to 112,500 CAD depending on the course specialization and university an individual chooses. Fundings in form of international scholarships to study in Canada are available to reduce the financial burden during their stay in Canada.

    Economics Colleges in Canada: Doctoral Courses

    It is a general tendency of the students to look for jobs after completing their graduate studies. However, there are a number of students who look for further higher education options i.e., doctoral degrees which in return provide good job opportunities as well as pay structure. 

    Recent study by Ionomics says, business economists with a doctoral degree earn upto 40% more than that of a master's degree holder.

    Below mentioned are few of the doctoral courses with their fee details and duration at top economics colleges in Canada

    Program University Total Program Cost(in CAD) Duration (years)
    Ph.D. in Economics University of Toronto 34,900 4
    McGill University 55,000 3
    Queen’s University, Kingston 61,900 4
    University of Montreal 78,100 3
    Concordia University 36,500 3
    University of Calgary 69,400 5
    Ph.D. in Economic Analysis and Policy University of Toronto 38,000 4
    Ph.D. in Business Economics Queen’s University Kingston 31,100 3
    Ph.D. in Applied Economics University of Montreal 66,800 4

    Economics Colleges in Canada: Eligibility Criteria for PhD

    According to a recent UNESCO report, Canada spends around 1.7 percent of its GDP on research work. There are around 4,541 Canadian researchers for every million of its occupants. A Ph.D. in Economics ranges from 3-5 years at universities in Canada. 

    Now let’s discover the eligibility criteria to apply for a Doctorate degree in Economics in Canadian universities:

    • Excellent scholarly record throughout till Masters in relevant fields. The scores ought to be proportional to a minimum of 3 - 3.3 GPA, which is equivalent to 80 percent or more.
    • GRE scores are accepted. The average cut-off of GRE is around 310-340.
    • Good scores in English Language Proficiency. Average Cut off of ELPs:

    Documents Required

    • Application fee receipt
    • Academic Records
    • Letter of Recommendation
    • Research Statement
    • Scores of standardized tests to study in Canada

    Economics Colleges in Canada: Fees and Funding for PhD

    The average cost of pursuing doctorate courses in Canada ranges from 31,100 CAD to 78,100 CAD for the total program. To sustain the stay in Canada, numerous doctorate scholarships and funding for international students are available in Canada.

    Top Economics Colleges in Canada: Scholarships

    Average cost of studying in Canada ranges from 40,000 CAD to 50,000 CAD per year, including living expenses. For an international student, this is quite a huge amount to bear. Thus there are many government and university-funded international scholarships in Canada to sustain their stay.

    Listed below are few of the renowned scholarships:

    Name of Scholarship Scholarship Provider Benefits (in CAD/year) Eligibility
    A.F. Brass Memorial Scholarship University of British Columbia 10,800 International Postgraduate Students
    Karen Mekellin International Leader of Tomorrow University of British Columbia Variable International Undergraduate Students
    Ontario Graduate Scholarship Canadian Provincial Government 20,900 International Postgraduate Students
    Paul Foundation Scholarship Paul Foundation 28,654 Postgraduate and Doctorate Students
    National Overseas Scholarship Government of India 20,290 All level of students

    Other Funding Options in Canada for International Students

    These are few of the assistantship programs which are available in many universities in Canada, these give opportunities to the international students to enroll themselves in these programs.

    Name of the Assistantship/Award Remuneration(CAD) per year
    Teaching Assistantship 10,000
    Research Assistantship Variable
    Merit Scholarship 1,000-12,000
    Donor-Funded Awards 20,000

    International students can also opt for work study options in Canada to help with the expenses that are to be paid for. Students can take up part-time job options and work for 20 hours a week. As a prerequisite for work-study, international students require a Study Permit Work Permit (for co-op) SIN. 

    Economics Colleges in Canada: Jobs and Salaries

    Higher education in Canada is considered to be one of the best in the world with around hundreds of top-ranking universities. Quality education brings plenty of opportunities. On an average, an Economist earns up to 48,000 CAD/annum to 97,000 CAD/annum , whereas a business economist can earn up to 45,000 CAD/annum to 78,000 CAD/annum.

    Job positions are again one of the important criteria which are needed to be discussed so that the international students opting for the best economics program in Canada gets an overview of the job culture and salary structure in Canada.

    Below mentioned are a few of the popular jobs in Canada in the field of economics.

    Designation Yearly Salary Range(in CAD/year)
    Economist 48,000-97,000
    Economic Analyst 49,000-100,000
    Economic Consultant 68,000-83,000
    Economic Policy Researcher 75,000-95,000
    Marketing Researcher 49,500-84,000
    Marketing Consultant 35,000-90,000
    Business Development Officer 36,000-99,000
    Economic Development Director 40,000-110,000
    • As per recent data provided by Job Bank Canada, the expected new job openings in the economic sector is going to be around 19,800-21,200 in the next 5 years. This is again a good reason to avail of the best economics programs in Canada.
    • People from economics background see an average increment of 11% of their salary in every 13 months against an average increment of 9% in the other professional sectors.
    • As indicated by insights given by The Globe and Mail in CIC NEWS, Indian Students recently outperformed the Chinese with 172,000 students so far. 
    • Other than worthwhile pay rates, 60 percent of Economic experts get their bonus at a handsome rate of 2- 7 percent of yearly pay. With an unemployment rate of around 6% in 2020 according to Statista, Canada is very much confident to provide new job opportunities in the coming 3-5 years. 

    Additionally, Canada is loaded with daze and beauty from the tourism point of view, which makes it a famous study destination. While considering the study abroad option in Canada, with its migration friendly arrangements turns it into a good choice. Furthermore, top economics colleges in Canada offer you a huge variety of degree scope, starting from diploma courses to research degrees making Canada an impeccable choice for pursuing best economics programs.

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    Top Colleges

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